Orange County observer. [volume] (Hillsborough, N.C.) 1880-1918, 1887-12-24

Le:l1s 10 the government.
il has been suggested that the present
toriei debt might BE- refunded at a less rate
Of Interest and the difference between the
Old and new security paid II cash, thus f1nd
ing Use for the surplus III the treasury. The
su@c cess OF this plan, 1t IS apparent must de-
pend upon the voition Of the holders OF the
present bonds. AMI sit is not entirely certain
tat the iniu>enent " hi"h must he offered
them would result in more financial beDeflu
t. the Government than the rurcha- OF
bonlS, while the latter proposition would
~ luce the principa! OF the debt by actual
payment, instead Of extending II
The proposition 70 deposit tho money held
by the Gov crnment banks throughout the
coantcv for Use ~ the people, is. it seems to
II. exceedingly % iectlonable in principle.
establishing too close iati0nsbip between
the operations Of the GoTcrnment treasury
nnd the business IF the country. and too ex-
t"nsive q coInmin3lng OF their money. thus
fostering an unnatural reliance in private
business upon public funds. Ii this scheme
sEo1ld ha Il !op,od Il should only be done aS
temp nary exp dent TO meet an urgent ne
craaltv. legislative ami executive effort
should generally be in the opposite direction
and should have tendency to divorce, as
much and as fast can safely be done, the
Treasury department from private enter
prise
OF course it Is not exrerted that unneces
sarY and extrayagant appropriations will be
made Tor the purpose of avoiding the accu
mutation of an ecces sive revenue Such e1.
I,endIture, beside the Generalization of all
just conceptions of public duty which it en-.
, taIs, stimulates a habit OF reckless improvi
den"e not IN the least consistent with the
inlss on of our people or the high and benefi-
. cent purposes OF our Government
l-have doomed it my duty to thus bring to
the knowic lce q: nv countrymen as we'll as
10 the attention of their representatives
charged with the responsibility of lee slative
relief, the gravity Of our financial situation.
The aljurt. Of the Congress heretofore to pro
vidH against tha dangers which II was quite
evident the very natur,. Of the difficulty must
lie, c,sa arlly pl oduce, causcd condition Of
fiGaurIal Il streSs and al preheuSion since Your
last adjournment, which taxed to the utmost
all the authority and expa'iients within Ex-
ecutlve control; and these appear now to be
exhausted. If disaster results from the con
tuuet Inactlon of Congress, the reSponSlbllitg Y
msSt rest whore it belongs.
though the situation thus far consid-
! cred Is traugEt with danger which should be
| fully realiztrt and though 1t presents features
/ of wrong to the people as we'll peril to the
! country, 1t II a result growing out CT a per
+ tcttlF ralpabe ani apparent cause, con
! - nifty reproducing the same alarming cir
CuHn-tanCeS = rnngeStei national treasury
/ and 4 depleted mon taiy condition in the
| business of the country. 1t need hardly be
stated that while the present situation de
| Il
Ekr nreiicanent in tha future hy the re-
moVal of lt' cause.
'nr scheme Of tax alton by means of which
this needl - surplus Is taken from the people
and put into the T-Iblir treasurT. consists of
| tariff or duty levied upon importations
/ from abroad, and internal revenue taxes
/ lex ed upon the consumption OF tobacco and
! SIHritupllS and matt liquors. It must be con
coded that non" NJ these things sub iected tc
! internal revenue taxation are, striCkly speak
! IN. H"re%aries, ther" appears to be no Just
complaint of this tavatIon by the consumer;
/ ot those ARTICLES. and there .ems 20 be moth
. Iug SO we'll able 10 bear tie burden without
/ hardship Il any portion of the people.
f, Eat our present tariff laws. the vicious. in
| equitable an lll"gl"a} source of unnecessary
taNntlon, ought to he at once revised ant
! amended These laws, rs their primary an'
li9iu effect, RAISE the prICe TO consumers Of al
artr.leS imported a'3U sub iect to duty bV IRE
ci-"'v til" i'm pad t"r such duties. Thus III
! amount ot the duty measures the tax paid H.
/ tho-" W ho purchase for use these imported
articles MANY ct thesa things, however. ar
rails 1t or manufactured IN our own country
a':j the duties now h'yiei upon foreign good
and rroIuctS are called protection to thaS
Il me manufactures, because they render i
Possible for tho>" OF our people who are manu-
tartur"i> t" GlA he he "a taxed articles and saI
them trr Il prI"n itial To that demanded fo
lnllort"l goods that nave par customs duty
80 H. ldpfr"i}S thlt while F0ulpafati iErlV a feH
ne the imported articles, millions Of on
people. " h., never use ami never saw any q
J. t.l,' foreign rrOiH"t9 purchase anI use thing
If the same nlud nade IN this country. an
Jay therefore nearly or quite the same er
I hau"nl price which the duty a ,ds to the i'm
I""t'~i articles. Th">e who bay imports pa
the duty charged thereon III the public treas
Urr tut the -creat majority OF our citizen,
, N.itp buy domestic ARTICLES OF the same class
I"N a um at least appro Elmatelv equal t
tins dat : to tho bone manufacturer. Thl
r-t"reE"r to the operation ot our tariff law
( /, not made by way If instruction. but /
. ' or!"r that we NAV be constantly reminded c
tha manner i'll which they impose a hurde
. upon those who Consume domestic products a
. Wai as those who consume imported articles
anl thus create a tax upon all our people,
IT IS not proposed TO entirely relieve tn
country Of this taxation 1t must be extpr
slTely continue a. the source 0. the Govern
me1t ; income, AMI IN a readlu~tment of on
tariff the interests ~ American labor engage G
IL manufacture should be carefully consid
cred well as the preservation Of our manI
tarturerS. It may te called protection, or b
amy other name but relief from the hardship
and hangers of or III, sent tariff laws shoul
II. d,I l~~l with especial prccaut ion ag4inst IN
, pcrlilrr the eXI>teu,e Il Our manuia" turin
}Gt'rt~tS but this exist noe should not nea
atcntitIon WHICH. without reEar-i t the pubil
welfare nr a nation Il cVl--,.neF. must alway
insure the realization Of Imrn~ns, profits II
stead e. Moderately profitable returns. 4
the volume and diversity of our nations
ACTIVITIES Increase. NV recruits are added
those " hp desire a continuation o. tie adya
I ta-e, which tn conceive tue present systeI
q tariff taxation directly affords them. :
stAobornlv hav" all efforts to reform tt
present condition been resisted by those {
or felow-Citg.erS thus engaged. that the
can harily complain ri the suspicion entel
tanned 10 i certain extent. that there exist
~ organized car.bi9at.on al alonG\the llr
| 70 MAINTAIN their advantage.
We are N t1a midst Of centennial celebre
t3o:.>, and with t-~-nultnE pride W. re joica i
. Anlrl1 an sklila ingenuity. III American Ell
er-N Gnd cnt"rplIsts, and IN ta- wonierfiil M
. u:t! advantages ana r--ri1rc.'s i.te eieIai ~
, f,.uturv'~ ua'fonHi growth Vet when an a
t,-iuIt l. n1a't, - justify 4 s--h~ine which p,-
.4it- tax u -, lslf Ei~1.l every coHsllfuei
th. iaud for ths j*a"ut II ";1r manufacturer
uu - ir,.yon1 a .a~.snah- 4 .fuau! for covers
meltat recar !. =; - - t3I~ lflrPs-~sS ~ adv
. -tcy u '45t ossr manufactures iafant lniu
/ trn.-, s,alt n.~~iI1, tae d. .-he~~t AMI create
,--t,ts ot "a, ! ami t.r.er[a- care ti7at can
wing from fssi-r.t ,~-1>i4t3on
, II = a.o tsi trat tItt. lFscr'a>a ia The prlt
ot Ion.a>t2r rtsufaaf,ls.-~ r---.slttnZ from q
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